Brent quotes are above the 200-day Moving Average on D1, which indicates the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, a rebound from 4/8 (87.50) level is expected, followed by a rise towards the resistance at 5/8 (90.62). The scenario could be cancelled by a breakout of 3/8 (84.38), followed by a trend reversal and a decline to 2/8 (81.25).
On M15, the upper boundary of the VoltyChannel is broken, which increases the probability of a price rise.
S&P 500
The S&P 500 quotes are in the overbought area on D1. The RSI is testing the resistance line. In this situation, a test of 2/8 (5312.5) is expected, followed by a rebound from this level and a price decline to the support at 8/8 (5000.00). The scenario could be cancelled by a rebound from 2/8 (5312.5), which might lead to the reshuffling of the Murrey indication, after which new price targets will be set.
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.